Plant-based Protein Processing Equipment Market to reach $1.68 Billion by 2029 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®
REDDING, Calif., Dec. 14, 2022 /PRNewswire/ -- According to a new market research report titled, 'Plant-Based Protein Processing Equipment Market by Type (Dryers, Centrifuges, Filtration Systems, Mixers, Evaporators), Mode of Operation (Automatic), Production Capacity (SMEs, Large Scale), Application (Soy Protein, Pea Protein) - Forecast to 2029,' the global plant-based protein processing equipment market is projected to reach $1.68 billion by 2029, at a CAGR of 4.2% from 2022 to 2029.
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The demand for protein is expected to grow substantially by 2050. The growing world population is a major factor contributing to this increase in demand. According to the Department of Economic and Social Affairs of the United Nations, the world population reached 7.3 billion in 2015 and is projected to increase to 9.7 billion in 2050. Furthermore, according to the FAO/UN forecast, by 2050, protein consumption is projected to increase by almost 50% (FAO, 2015), for which protein supplies would be needed to increase to meet the food demand in 2050.
In addition to population growth, food needs will rise due to urbanization and economic development. Moreover, the changes in agricultural practice over the past 50 years have increased productivity, greater diversity of foods, and less seasonal dependence. These trends mean that market demand for alternative protein sources will continue to grow.
Moreover, due to the major contribution of animal protein to overall food allergies, most meat consumers are inclined toward plant-based substitutes made of plant protein, which ultimately drives the demand for plant-based proteins. Hence, reducing animal protein consumption could be a sustainable solution to increase the demand for plant-based proteins. Thus, understanding the capacity of agricultural systems to feed the world requires multiple food sources for projecting future food demand, which is only possible through adopting modern processing technologies and equipment by plant-based protein manufacturers. Therefore, the significant demand for processing equipment to ensure food security contributes to the growth of the global plant-based protein processing equipment market.
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The growth of the global plant-based protein processing equipment market is driven by factors such as the growing need to increase productivity, the increasing focus of plant-protein manufacturers to reduce production costs, increased investment in the plant-based protein industry, and increased usage of plant protein as an ingredient in various food & beverage products. Moreover, the growing markets such as Asia, Latin America, and Africa and the increasing plant-based food market are expected to create lucrative opportunities for players operating in this market. However, the high cost of equipment and the preference for animal-based protein ingredients is expected to hinder the growth of this market to some extent.
The global plant-based protein processing equipment market is segmented by type, mode of operation, production capacity, application, and geography. The study also evaluates industry competitors and analyses the regional and country-level markets.
Key Findings in the Global Plant-based Protein Processing Equipment Market Study:
Based on type, the global plant-based protein processing equipment market is segmented into dryers, centrifuges, filtration systems, mixing systems, evaporators, boilers, and other equipment. In 2022, the dryers segment is expected to account for the largest share of the plant-based protein processing equipment market. However, the filtration systems segment is expected to register the highest CAGR during the forecast period due to its benefits over conventional separation methods, the rising awareness about filtration processes, and the increasing demand for better quality products.
Based on mode of operation, the global plant-based protein processing equipment market is segmented into semi-automatic and automatic. In 2022, the semi-automatic segment is expected to account for the largest share of the global plant-based protein processing equipment market. However, the automatic segment is projected to register the highest CAGR during the forecast period due to the increasing demand to meet the needs of the plant-based protein industry, such as carefully monitored production, reduced labor costs, automatic tracking of individual loads, no human errors, effective cleaning, and no cross-contamination.
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Based on the production capacity, the global plant-based protein processing equipment market is mainly segmented into small & medium scale and large scale. In 2022, the small & medium scale segment is expected to account for the largest share of the global plant-based protein processing equipment market. The large market share of this market is attributed to increased government support for developing small-scale processing enterprises, low financing needs, and increased productivity. This segment is also projected to register the highest CAGR during the forecast period due to the increasing need for flexibility and innovation in the plant-based protein processing sector.
Based on application, the global plant-based protein processing equipment market is segmented into soy protein, wheat protein, pea protein, and other plant-based protein. In 2022, the soy protein segment is expected to account for the largest share of the plant-based protein processing equipment market. However, the pea protein segment is projected to register the highest CAGR during the forecast period due to the increasing soy-free and gluten-free trend and the growing investment in pea protein manufacturing.
Based on geography, the plant-based protein processing equipment market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, the North America market is expected to account for the major share of the global plant-based protein processing equipment market. The leading position of this regional market is primarily attributed to the high presence of key plant-protein manufacturers, the growing awareness level regarding vegan products, a well-established economy, and increased investment in R&D for food processing equipment.
However, Asia-Pacific plant-based protein processing equipment market is developing and expanding significantly. Among other regional markets, this region is demonstrating signs of strong growth in the near future. The rapid growth of this regional market is attributed to the increasing government support for small and medium-scale enterprises, the growing technological advancements in the food industry, the increasing raw material availability, and the growing investment in the plant-protein sector.
Some of the key players operating in the global plant-based protein processing equipment market are Alfa Laval AB (Sweden), Bühler AG (Switzerland), GEA Group Aktiengesellschaft (Germany), Flottweg SE (Germany), SPX Flow Inc. (U.S.), Coperion GmbH (Germany), Hosokawa Micron B.V. (Netherlands), Netzsch-Feinmahltechnik GmbH (Germany), SiccaDania (Denmark), Koch Separation Solutions (U.S.), Bepex International LLC (U.S.), and Clextral (France).
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Scope of the report
Plant-based Protein Processing Equipment Market, by Type
- Dryers
- Centrifuges
- Filtration Systems
- Mixing Systems
- Evaporators
- Boilers
- Other Equipment
Plant-based Protein Processing Equipment Market, by Mode of Operation
- Semi-Automatic
- Automatic
Plant-based Protein Processing Equipment Market, by Production Capacity
- Small & Medium Scale
- Large Scale
Plant-based Protein Processing Equipment Market, by Application
- Soy Protein
- Wheat Protein
- Pea Protein
- Other Plant-based Protein
Plant-based Protein Processing Equipment Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Middle East & Africa
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